Mike is 47 years old and is married with two children. He is a Sales Manager with a manufacturing company and is required to travel frequently. He is also heavily involved in volunteer activities within his community and coaches his son’s hockey team.
Mike’s father John, who is a widower, recently suffered a sudden stroke and no longer has the capacity to make his own financial or personal care decisions. John’s Power of Attorney document for property and personal care appointed Mike as his attorney. In addition to making decisions regarding his father’s medical care, Mike has also had to assume the responsibility of looking after his father’s financial affairs.
Mike struggled to keep up with the demands on his time and received late payment notices for unpaid bills pertaining to the family home. In addition, Mike was also advised that he would need to make alternate care arrangements for his father who would no longer be able to live in the family home independently.
Much to Mike’s surprise, his father had been dealing with multiple financial institutions, held share certificates in a safety deposit box and had several un-cashed dividend cheques. Mike realized that he needed some assistance in order to simplify the management of his father’s finances.
A close friend recommended that Mike meet with an RBC Royal Trust Advisor who had helped her when she was going through a similar situation. After meeting with the Advisor, Mike hired RBC Royal Trust to:
- Prepare a complete inventory of his father’s assets along with a cash flow statement which would be updated annually
- Consolidate his father’s assets into one account
- Redirect his father’s employment and government pensions for automatic deposit into the account
- Redirect all his father’s bills to RBC Royal Trust for payment
- Assist with the sale of the family home
- Prepare and file his father’s annual tax return including payment of his quarterly tax instalments
- Arrange for the management of his father’s investible assets
- Provide quarterly accounting statements